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J. Crew Group, riding strong sales momentum, said net income rose 54 percent to $33.2 million in the third quarter ended Oct. 29, compared to $21.6 million in the third quarter last year.
Adjusted earnings before interest, taxes, depreciation and amortization, rose 18 percent to $98.9 million from $83.8 million in the third quarter last year. The company believes adjusted EBITDA, taking into account expenses from last year’s acquisition of the company by TPG Capital and Leonard Green & Partners, is a better barometer of the company’s growth. The net income figure includes transaction-related expenses.
Revenues increased 16 percent to $555.8 million, from $480 million, with comparable sales increasing 10 percent. Store sales increased 17 percent to $391.7 million, while direct sales increased 13 percent. Net income last year included the after-tax effect of the amortization of inventory step-up and transaction-related net insurance recoveries.
Gross margin increased to 47.3 percent from 42.1 percent in the third quarter last year.